LEVERKUSEN, GERMANY (June 18, 1:15 p.m. ET) — Lanxess AG has established a subsidiary in Istanbul, part of its efforts to expand its business in the Turkish market.
The German company said Lanxess Kimya Ticaret Ltd. Ã ti. will manage the firm's business in the growing market. Lanxess generated record sales in Turkey in 2011 of $127 million, triple the amount it achieved in 2009, the firm said.
Lanxess sells its entire range of products in Turkey, from high-performance polymers and specialty chemicals.